Hit play on Google?

The investment bank raised its price target on the search engine giant to $742 per share, from $735 per share, and said Google's Play store is growing in importance and could make up to $4 billion in revenue this year.

Google shares were sharply higher Monday following the upgrade.

So, as Google prepares to release earnings Thursday after the bell, should you hit play on the stock?

"This is a stock that has not kept up, as all will know, with the broader market," said Sterne Agee's Carter Worth. "We know the market itself encountered a pretty good selloff in the March, May period, but Google really took it on the chin, down some 15 percent. And the stock has really not gotten back to its March high."

Worth noted the company missed the past two earnings releases, and pointed out on a two-year chart that the last time the company beat earnings, in the fall of 2013, the stock made a huge gap higher, a troubling sign according to Worth. "This is not something to gamble on."

But Cowen and Company's David Seaburg, who has an outperform rating on Google, said the company is doing all the right things.

"We think that the stock should be bought here," he said. "Long-term drivers—Google Play, massive, massive upside there, wearable's, cloud—their making investments in fiber. Look, I think that long-term, the prospects here are extremely solid."

Click play on the video above to watch the full discussion with Worth and Seaburg.